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Shell Summary for July 23, 2020

2020-07-23 20:34 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 13.60 points to 680.20 Thursday. James Cassina's first capital pool shell, Good2go Corp. (GOTO: halted), has provided a few updates on its qualifying transaction. First, its QT target, Garyn Angel Enterprises Inc., is now called Magical Brands Inc. Second, while the full QT terms are still not available, the shell has disclosed its plan to roll back 1 for 2.684. This will leave it with 2,015,970 shares issued. Third, the financing requirement for the QT target has been lowered to $5-million from $8-million. Magical Brands is selling subscription receipts at 50 cents. Its financing agents are Canaccord Genuity Corp., Haywood Securities Inc. and Eight Capital Corp. The resulting issuer will use the proceeds for working capital.

Magical Brands is a company near Tampa, Fla., that sells a kitchen appliance called the MagicalButter machine. This is a "botanical" extraction machine, but more to the point, it is a marijuana extraction machine. It is about the same size as a small blender or a large pitcher. MagicalButter extracts marijuana oil, and it can produce marijuana-infused butter, honey or other things. The company's website provides dozens of recipes, including one that uses marijuana-infused olive oil to make sausage rolls and another one that uses marijuana-infused Worcestershire sauce in a burger.

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